Audit

The Financial Accounting Foundation has issued its final report on establishing a new Private Company Council that will have the ability to recommend changes in accounting standards for privately held companies.

The Center for Audit Quality has selected five new academic research proposals for funding.

No one understands your organization as well as you do -- which is why you have to help them navigate it.

Recent promotions, new hires and more at accounting firms across the country.

While most observers are reluctant to forecast any tax legislation prior to the November elections, there is legislation pending in Congress that, if enacted, would be a boon to small business and help jumpstart the economy.

Public Company Accounting Oversight Board Chairman James Doty discusses the need for regulating the audit profession internationally, including in China. He also discusses the concept release on mandatory audit firm rotation, and why even the new category of emerging growth companies in the JOBS Act should be subject to audits. He was interviewed at the PCAOB offices by AccountingToday.com editor-in-chief Michael Cohn after the AICPA's Spring Meeting of Council in Washington, D.C.

The Institute of Management Accountants has thrown its support behind the Financial Accounting Foundation’s plan to establish a Private Company Council to improve the process of setting accounting standards for private companies.

The Professional Accountants in Business Committee of the International Federation of Accountants has proposed guidance to help accountants improve their business reporting processes.

Financial Accounting Foundation president and CEO Terri Polley explained to Accounting Today some of the thinking behind the new Private Company Council that the FAF Board of Trustees voted to create on Wednesday.

The American Institute of CPAs has agreed to lend its support to the new Private Company Council established by the Financial Accounting Foundation after opposing an earlier version proposed by the FAF last year.

The Public Company Accounting Oversight Board has revoked the registation of an upstate New York firm for relying on outside firms in China and Taiwan to audit three companies in those countries while exercising little supervision.

The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.

The Pan African Federation of Accountants has approved a resolution to adopt international accounting and auditing standards.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.

The AICPA celebrated its 125th anniversary last week at its Spring Meeting of Council, and our reporters were on site to bring you the highlights.

Top 10 Firm BKD LLP announced that regional managing partner Ted Dickman will be its next CEO, effective June 1.

A group of high-ranking officials in accounting and auditing standard-setting organizations discussed the changing standards for mandatory audit firm rotation, private company accounting and other controversial issues at the American Institute of CPAs’ Spring Meeting of Council.

CPA firms are starting to feel more pressure again from the economy as the recovery ever so slowly ramps up, with international problems threatening to throw it off course, and regulatory requirements adding to their workload.

The American Institute of CPAs marked its 125th anniversary during its Spring Meeting of Council, with meetings on Capitol Hill and the White House with lawmakers and policymakers, capped off with a lavish black tie reception.